In just four years, the share of million-dollar homes in New York City has risen from 7 percent to 12 percent, according to a report by Trulia.
The report, titled “Million Dollar Creep: Where Seven Figure Homes Are The New Normal,” was released on May 19 by the real estate site. The findings concluded that overall, the share of these homes have increased from 1.6 percent to 3 percent since 2012 but some metro areas, like New York City, have seen a larger increase.
Though the borough of Brooklyn has seen the largest increase in million-dollar homes, many Queens neighborhoods are also experiencing an increase.
For the purpose of this study, Trulia defined a million-dollar home as “any home – regardless of whether it’s listed for sale or not – with a value of $1 million or more.”
Astoria has seen a dramatic rise in these homes, according to the study. In 2012, the neighborhood’s share of million-dollar homes was 3.4 percent. This year, it’s 44.4 percent.
Jamaica Estates, already an upper-middle-class neighborhood, now has 41.7 percent of homes in the area classified as million-dollar homes. In 2012, that share was 9.2 percent.
Malba, a sub-section of Whitestone also saw a significant increase in million-dollar homes since 2012, when 30.8 percent of homes were valued at at least 1 million dollars. Now, that number has jumped to 53.3 percent.
Several middle class neighborhoods in the “World’s Borough” also saw an increase including Elmhurst, Corona and Jackson Heights. These neighborhoods experienced increases of 16.6, 14.6 and 6.9 percentage points in seven-figure homes since 2012, respectively.
Neighborhoods known for their increasing rental values also made the list. The Hunters Point section of Long Island City saw a rise of 12.4 percentage points in million-dollar homes. Neighboring Sunnyside and Woodside saw larger increases of 16.4 and 13.6 percentage points, respectively.
Springfield Gardens, Rockaway Beach and Hollis saw relatively little change with .1 percent of homes currently valued at 1 million dollars. Forest Hills Gardens has the largest share of these homes in the borough with 74.7 percent. In four years, that share increased by 4.2 percentage points.
The only Queens neighborhood on the list to see a decrease in the share of million-dollar homes is Jacob Riis Park. In 2012, 40.4 percent of homes were valued at 1 million dollars; now that share has fallen to 30.4 percent.
Out of 10 metro housing markets, New York City saw the eighth largest increase in the share of million-dollar homes. Seven of the 10 housing markets were located in California, while Honolulu, Hawaii and Seattle, Washington also saw an increased share.
To check out where your neighborhood is ranked on the list, click here.
